ECONOMY

Qatari banks sell its loans in the UAE, say sources

UAE banks are reportedly buying Qatari bank loans in the Emirates at a discount. (File photo: Reuters)

UAE banks are buying up loans that Qatari banks - Doha Bank and Barwa Bank - extended to UAE companies, banking sources told Al Arabiya.

In the UAE, Doha Bank - one of the largest Qatari commercial banks - has branches in Dubai and Abu Dhabi and a representative office in Sharjah.

Barwa Bank, Sharia compliant banking service provider from Qatar, has a representative office in Dubai International Financial Centre (DIFC) from 2014.

The sources confirmed that the UAE banks are buying these loans at a discount, although these loans are estimated to amount to billions of dollars.

The Qatari banks are selling these loans out of fear of additional sanctions on Qatar, sources added.

Bloomberg had reported last month that some of the banks in the UAE, Saudi Arabia and Bahrain had started reducing their exposure to Qatari banks by withdrawing their deposits there, suspending dealings in the Qatari riyal and buying bonds.

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Last Update: Sunday, 16 July 2017 KSA 14:19 - GMT 11:19
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